Written Answers - Tax Collection.

Tuesday, 8 November 2005

Dáil Eireann Debate
Vol. 609 No. 63

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  333.  Mr. Broughan  Information on Thomas P. Broughan  Zoom on Thomas P. Broughan   asked the Minister for Fin[1044]ance  Information on Brian Cowen  Zoom on Brian Cowen   the amount of tax generated by stamp duty at each of the current levels for the years 1998, 1999, 2000, 2001, 2002, 2003, 2004 and to-date; and the amount expected to be collected by the end of 2005 and in 2006 if rates remain the same. [32444/05]

Minister for Finance (Mr. Cowen): Information on Brian Cowen  Zoom on Brian Cowen  I understand the Deputy is seeking a breakdown of stamp duty yield, in each of the years referred to, according to the main available stamp duty categories, and furthermore in the case of residential property, a breakdown of yield according to the various stamp duty rates that applied in each year.

I am informed by the Revenue Commissioners that information is not available to provide a breakdown of the residential stamp duty yield appropriate to each rate in each year. However, the following table shows the Revenue Commissioners’ net yield from stamp duties by category in each of the years 1998 to 2004 and in the nine month period to the end of September 2005.

Category 1998 1999 2000 2001 2002 2003 2004 2005 end Sep.
€m €m €m €m €m €m €m €m
Residential Property 213 263 282 265 349 528 752 672
Non-Residential Property 174 288 392 406 317 547 709 760
Stocks & Shares 161 226 231 346 303 256 261 227
Companies Capital Duty 38 19 49 76 28 21 24 15
Financial Cards, Cheques, etc. 34 37 42 45 48 100 112 113
Bank Levy* — — — — — 103 103 —
Insurance & Misc. Items 67 79 94 85 95 110 109 80
Total** 687 913 1,090 1,223 1,139 1,664 2,070 1,867

[1043]The total net receipt from stamp duties was €2,180 million in the ten months to 31 October 2005. A breakdown by category of this end-October total is not yet available. In the remaining two months of 2005, additional stamp duties in excess of €300 million are profiled for collection in accordance with the monthly profile of expected tax revenue receipts published by my Department in January last. As regards a forecast [1044]for stamp duty yield for 2006, this will be published, as usual, in my budget speech next month.

I also understand the Deputy is seeking information on the various rates of stamp duty for residential property applicable since 1998. The following table shows the rates applicable to second-hand residential property during the period requested by the Deputy:

Date Bands First-time Owner-occupiers Other Owner-occupiers Investors
€ % % %
2/12/04 to date Up to 127,000 Nil Nil Nil
127,001-190,500 Nil 3 3
190,501-254,000 Nil 4 4
254,001-317,500 Nil 5 5
317,501-381,000 3 6 6
381,001-635,000 6 7.5 7.5
Over 635,000 9 9 9
1/1/02 to 1/12/04 Up to 127,000 Nil Nil Nil
127,001-190,500 Nil 3 3
(Conversion to Euro. No change in rates.) 190,501-254,000 3 4 4
254,001-317,500 3.75 5 5
317,501-381,000 4.5 6 6
381,001-635,000 7.5 7.5 7.5
Over 635,000 9 9 9
£
6/12/01 to 31/12/01 Up to 100,000 Nil Nil Nil
100,001-150,000 Nil 3 3
150,001-200,000 3 4 4
200,001-250,000 3.75 5 5
250,001-300,000 4.5 6 6
300,001-500,000 7.5 7.5 7.5
Over 500,000 9 9 9
27/1/01-5/12/01* Up to 100,000 Nil Nil 3
100,001-150,000 Nil 3 3
150,001-200,000 3 4 4
200,001-250,000 3.75 5 5
250,001-300,000 4.5 6 6
300,001-500,000 7.5 7.5 7.5
Over 500,000 9 9 9
15/6/00-26/1/01 Up to 100,000 Nil Nil 9
100,001-150,000 Nil 3 9
15,001-200,000 3 4 9
200,001-250,000 3.75 5 9
250,001-300,000 4.5 6 9
300,001-500,000 7.5 7.5 9
Over 500,000 9 9 9
23/4/98-14/6/00 Up to 60,000 Nil Nil Nil
60,001-100,000 3 3 3
100,001-170,000 4 4 4
170,001-250,000 5 5 5
250,001-500,000 7 7 7
Over 500,000 9 9 9

[1045]The stamp duty provisions with regard to new residential property have not changed since April 1998. All purchasers of new residential property, who are owner-occupiers, are exempt from stamp duty where the floor size of the property concerned is less than 125 square metres. Where the floor size of new properties is 125 square metres or greater, stamp duty is charged on the site value at the current rates applying to second-hand residential properties, as outlined above, or on 25% of the value of the property, excluding VAT, whichever is the greater. In the case of investors of new residential property, stamp duty is charged on the sale value of the property at the current rates applying to second-hand residential prop[1046]erty, as already outlined, regardless of the floor size of the property.

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